Featured post

One of the Biggest Sportainment events in the country, the Celebrity Cricket League

 *One of the Biggest Sportainment events in the country, the Celebrity Cricket League (CCL) is coming back fully reloaded after 3 years. The...

Thursday, 1 December 2022

Indiabulls Housing Finance Limited’s NCD Tranche IV Issue Opens on

 Indiabulls Housing Finance Limited’s NCD Tranche IV Issue Opens on Thursday, December 01, 2022

Coupon Rate Up to 9.80% p.a., Effective Yield Up to 9.80% p.m.#

·         Public issue of secured redeemable non-convertible debentures (“NCDs”) of face value and issue price of Rs. 1,000 each

·         The Tranche IV Issue includes a base issue size of Rs. 100 crores with an option to retain oversubscription up to Rs. 900 crores aggregating up to Rs. 1,000 crores (“Tranche IV Issue”)

·         NCDs proposed to be issued pursuant to the Tranche IV Issue are rated as “CRISIL AA/Stable” by CRISIL Ratings Limited and “[ICRA]AA (Stable)” by ICRA Limited

·         Tenor options: 24 months, 36 months & 60 months with monthly, annual and cumulative coupon Payment Options

·         Staggered Redemption Options for 36 months & 60 months; Coupon rate up to 9.80% p.a. and Effective Yield up to 9.80% p.m.#

·         The Tranche IV Issue opens on Thursday, December 01, 2022 and closes on Thursday, December 22, 2022 **

·         Allotment on First come First serve basis*

·         The NCDs are proposed to be listed on BSE Limited and National Stock Exchange of India Limited. BSE is the designated stock exchange for the Tranche IV Issue.

Indiabulls Housing Finance Limited (“Company” or “Issuer”), a non-deposit taking housing finance company registered with the National Housing Bank, has announced the public issue of secured, redeemable, non-convertible debentures of the face value of 1,000 each (“NCDs”). The Tranche IV Issue opens on Thursday, December 01, 2022 and closes on Thursday, December 22, 2022.

The Tranche IV Issue has a base issue size of 100 crores with an option to retain oversubscription up to 900 crores, aggregating up to 1,000 crores (“Tranche IV Issue”). The Tranche IV Issue offers various series of NCDs for subscription with coupon rates ranging from 8.57% to 9.80% per annum. The NCDs are proposed to be listed on BSE Limited (“BSE”) and National Stock Exchange of India (“NSE” together with BSE, the “Stock Exchanges”) with BSE as the Designated Stock Exchange for the Tranche IV Issue. The NCDs have been rated “CRISIL AA/Stable” by CRISIL Ratings Limited and “[ICRA]AA (Stable)” by ICRA Limited.

The NCDs under the Tranche IV Issue have tenures of 24 months (Series I, II, III), 36 months (Series IV, V, VI), and 60 months (Series VII, VIII). Effective yield (per annum) for the NCD holders in Category I (Institutional Investors) & Category II (Non-Institutional Investors) ranges from 8.89% to 9.30% and for Category III (High Net-worth Individual Investors) and Category IV (Retail Individual Investors) holders ranges from 9.29% to 9.80%. Interest payment modes for the NCDs are annually, monthly or cumulative as per the series selected by the investors. Amount on maturity for the NCD holders in Category I (Institutional Investors) & Category II (Non-Institutional Investors) ranges from 1,000 to 1,297.15 per NCD and for Category III (High Net-worth Individual Investors) and Category IV (Retail Individual Investors) ranges from 1,000 to 1,315.10 per NCD.  The Tranche IV Issue option for has staggered redemption by face value through annual payments under 36 months (Series IV and Series V) and 60 months (Series VII and Series VIII). 

 

The Company is also offering an additional incentive of 0.25% to the Category III and Category IV Investors in the proposed Tranche IV Issue who are also holders of NCD(s)/bond(s) previously issued by Company, and/or its Subsidiaries as the case may be, and/or are equity shareholder(s) of Indiabulls Housing Finance Limited as the case may be (“Primary Holder(s)”) on the Deemed Date of Allotment

 

The Lead Managers to the Tranche IV Issue are Edelweiss Financial Services Limited, A. K. Capital Services Limited, IIFL Securities Limited and Trust Investment Advisors Private Limited. IDBI Trusteeship Services Limited is the Debenture Trustee to the Tranche IV Issue and KFin Technologies Limited is the registrar to the issue.

 

Net proceeds of the Tranche IV Issue, after meeting the expenditures of and related to the Tranche IV Issue, at least 75% shall be utilised for the purpose of onward lending, financing, and for repayment of interest and principal of existing borrowings of the Company and up to 25% for general corporate purposes.

 

As at September 30, 2022, the consolidated cash and cash equivalents of the Company was 3,941.51 crores and the Borrowings (other than Debt Securities) was 30,264.10 crores on balance sheet.

 

The terms of each series of NCDs offered under the Tranche IV Issue are set out below:

Series

I

II

III

IV*

V

VI

VII

VIII

Frequency of Interest Payment

Annual

Monthly

Cumulative

Annual

Monthly

Cumulative

Annual

Monthly

Minimum Application

10,000 (10 NCDs) across all Series

Face Value/ Issue Price of NCDs (/ NCD)

1,000

In Multiples of thereafter ()

1,000 (1 NCD)

Type of Instrument

Secured NCDs

Tenor

24 Months

24 Months

24 Months

36 Months

36 Months

36 Months

60 Months

60 Months

Coupon (% per annum) for NCD Holders in Category I & II

8.90%

8.57%

NA

9.05%

8.70%

NA

9.30%

8.94%

Coupon (% per annum) for NCD Holders in Category III & IV

9.30%

8.94%

NA

9.55%

9.16%

NA

9.80%

9.39%

Effective Yield (per annum) for NCD Holders in Category I & II

8.89%

8.90%

8.90%

9.04%

9.05%

9.05%

9.29%

9.30%

Effective Yield (per annum) for NCD Holders in Category III & IV

9.29%

9.30%

9.30%

9.54%

9.54%

9.55%

9.79%

9.80%

Mode of Interest Payment

Through various modes available

Redemption Amount ( / NCD) on Maturity for NCD Holders in Category I & II

1,000

1,000

1,186.20

Staggered redemption in three annual payments of: 333 for year 1; 333 for year 2; and 334 for year 3, starting from the first anniversary from the Deemed Date of Allotment

Staggered redemption in three annual payments of: 333 for year 1; 333 for year 2; and 334 for year 3, starting from the first anniversary from the Deemed Date of Allotment

1,297.15

Staggered redemption in five annual payments of 200 each, starting from the first anniversary from the Deemed Date of Allotment

Staggered redemption in five annual payments of 200 each, starting from the first anniversary from the Deemed Date of Allotment

Amount ( / NCD) on Maturity for NCD Holders in Category III & IV

1,000

1,000

1,194.95

Staggered redemption in three annual payments of: 333 for year 1; 333 for year 2; and 334 for year 3, starting from the first anniversary from the Deemed Date of Allotment

Staggered redemption in three annual payments of: 333 for year 1; 333 for year 2; and 334 for year 3, starting from the first anniversary from the Deemed Date of Allotment

1,315.10

Staggered redemption in five annual payments of 200 each, starting from the first anniversary from the Deemed Date of Allotment

Staggered redemption in five annual payments of 200 each, starting from the first anniversary from the Deemed Date of Allotment

Maturity (from the Deemed Date of Allotment)

24 Months

24 Months

24 Months

36 Months

36 Months

36 Months

60 Months

60 Months

Redemption Date / Redemption Schedule

24 Months

24 Months

24 Months

Staggered Redemption by Face Value as set out in “Terms of the Issue - Principal Redemption Schedule and Redemption Amounts

Staggered Redemption by Face Value as set out in “Terms of the Issue - Principal Redemption Schedule and Redemption Amounts

36 Months

Staggered Redemption by Face Value as set out in “Terms of the Issue - Principal Redemption Schedule and Redemption Amounts

Staggered Redemption by Face Value as set out in “Terms of the Issue - Principal Redemption Schedule and Redemption Amounts

Put and Call Option

Not Applicable

*Company shall allocate and allot Series IV NCDs wherein the Applicants have not indicated the choice of the relevant NCD Series.

 

Principal Redemption Schedule and Redemption Amounts

 

Set out below is the principal redemption schedule and the redemption amount for the Series IV NCDs, Series V NCDs, Series VII NCDs, and Series VIII NCDs, in relation to which the principal outstanding will be redeemed in a staggered manner.

 

 

Series

Series IV and Series V

Series VII and Series VIII

Redemption Schedule

Principal Outstanding

Redemption Schedule

Principal Outstanding

Face Value

1,000.00

1,000.00

1,000.00

1,000.00

1st Anniversary*

333.00

667.00

200.00

800.00

2nd Anniversary*

333.00

334.00

200.00

600.00

3rd Anniversary*

334.00

Nil

200.00

400.00

4th Anniversary*

NA

NA

200.00

200.00

5th Anniversary*

NA

NA

200.00

Nil

*from the Deemed Date of Allotment.

 

 

Allotments shall be made on date priority basis i.e. a first-come first-serve basis, based on the date of upload of each application in to the electronic book with the Stock Exchanges, in each portion subject to the Allocation Ratio. However, on the date of oversubscription and thereafter, the allotments would be made to the applicants on proportionate basis.

 

# Applicable for Category III and Category IV Investors for tenure of 60 months. For further details please refer to

No comments:

Post a Comment